5000 houses wait for registration

Last Updated November 21, 2023

 Bhubaneswar, Nov, 21: After the intervention of the Odisha High Court in May 2022, the registration of houses of home buyers is getting stalled. On the other hand, the implementation of a new Act relating to the Home Buyers Association in the state has also been delayed. Therefore, the customers can not acquire possession or ownership of houses. 

During these 18 months, registration of about 5 thousand units of Houses has been stopped. Thousands of customers are waiting to get a house .

The real estate industry has informed that the state treasury has lost about Rs 1000 to 1200 crores due to restrictions on the registration of houses.   

In order to solve the problem, the State Government has adopted the process of bringing a new Act. Odisha is the first state in the country to implement the Apartment Ownership and Management Act- 2023, complying to provisions of the Real Estate Regulatory Authority (RERA) Act enacted by the Central government. 

 A draft law was brought out by the Odisha Department of Housing and Urban Development,  seeking the opinion of stakeholders. The last date was November 12, which has already expired.. Now every stakeholder is waiting for the new law.

You Might Also Like

More From Related News

Copyright © 2022 - Summa Real Media Private Limited. All Rights Reserved.